Whenever you are looking at the important aspects of growing a business branding always comes to light and is highlighted, but why is branding so important ? why most successful businesses pay attention to brand management ? This blog-post will help you understand the importance of brand management.
Brands are something very personal to the consumers, because of the past experiences with the products of a seller and its marketing program over the years, consumers find out which brands satisfy their needs and which does not. As a result branding helps the consumers to simplify their search process and choose a product over the other.
If a consumer is familiar with a brand and its offerings then it saves them from a lot of additional research both internally ( in terms of how much they have to think about it) and externally ( in terms of what they have to look into to find the right product to satisfy their needs). Brands can serve as symbolic devices, allowing consumers to project their image. Certain brands are associated with certain types of people, and reflect their unique merits. By consuming such products consumers can communicate to others or even to themselves the type of person they are or how they want people to perceive them.
Branding plays an important role in legally protecting the uniqueness of your products, helps the customer to trust the seller, that if this seller is offering the product it must have a certain level of quality.
Whenever a person is looking forward to buy a product there are some types of proven risks that he has in mind, these risks are -
1- Functional risk: The product does not perform in accordance to what is expected from it.
2- Physical risk: the product proves to be unhealthy or dangerous for the user or the people around.
3- Financial risk: The product may not turn out to be as worthy as it costs.
4-Social risk: The product might turn out to be an embarrassment for the user.
5- Psychological risk: The product affects the mental health of the user.
6-Time risk: The failure of the product in being as long-lasting as it was expected to be.
Of course sometimes the consumers can keep these trust issues aside and give any product from a brand a shot, but most of the customers are not willing to take the risks, as dissatisfaction may dishearten them that is why most of the buyers prefer to shop from either well known brands or the brands which for them are trustworthy.
-For search goods like grocery products, consumers can evaluate product properties like durability, size, color, design and weight by looking at them.
-For experience goods like vehicle tires, consumers cannot completely understand the properties of the product like durability, service quality and safety etc.
-For credence goods like insurance coverage, consumers may rarely learn product attributes.
The identical product may be evaluated differently depending on the brand identification or properties it carries. Brands are unique and personal to consumers that facilitate their day-to-day activities and enrich their lives. As human beings are becoming more complicated, rushed, and time starved, the ability of a brand to simplify decision making and reduce risk is a gem to any seller, and this is the reason most successful businesses pay attention to managing themselves as a 'Brand'.
There is no doubt that brand is one of the most important aspects of any venture, it is valuable than any most selling product too, because products become most selling only if the seller and the offered product is branded right.
Anyone who is coming up with any venture must consider making a blue-print of how he/ she is going to manage the branding part, and most thoroughly research the blue-print and the financial aspects of it, because if you brand your venture right you are most likely to be trusted by the buyers than most sellers.
I hope this blog-post has been precise yet informative, if you like the article do let me know in the comment section. Also I am looking forward to buy a new phone, please suggest me your favorite mobile phone brands in the comments.
DO SHARE THE ARTICLE.
THANK YOU !
Brands are something very personal to the consumers, because of the past experiences with the products of a seller and its marketing program over the years, consumers find out which brands satisfy their needs and which does not. As a result branding helps the consumers to simplify their search process and choose a product over the other.
If a consumer is familiar with a brand and its offerings then it saves them from a lot of additional research both internally ( in terms of how much they have to think about it) and externally ( in terms of what they have to look into to find the right product to satisfy their needs). Brands can serve as symbolic devices, allowing consumers to project their image. Certain brands are associated with certain types of people, and reflect their unique merits. By consuming such products consumers can communicate to others or even to themselves the type of person they are or how they want people to perceive them.
Branding plays an important role in legally protecting the uniqueness of your products, helps the customer to trust the seller, that if this seller is offering the product it must have a certain level of quality.
Whenever a person is looking forward to buy a product there are some types of proven risks that he has in mind, these risks are -
1- Functional risk: The product does not perform in accordance to what is expected from it.
2- Physical risk: the product proves to be unhealthy or dangerous for the user or the people around.
3- Financial risk: The product may not turn out to be as worthy as it costs.
4-Social risk: The product might turn out to be an embarrassment for the user.
5- Psychological risk: The product affects the mental health of the user.
6-Time risk: The failure of the product in being as long-lasting as it was expected to be.
Of course sometimes the consumers can keep these trust issues aside and give any product from a brand a shot, but most of the customers are not willing to take the risks, as dissatisfaction may dishearten them that is why most of the buyers prefer to shop from either well known brands or the brands which for them are trustworthy.
-For search goods like grocery products, consumers can evaluate product properties like durability, size, color, design and weight by looking at them.
-For experience goods like vehicle tires, consumers cannot completely understand the properties of the product like durability, service quality and safety etc.
-For credence goods like insurance coverage, consumers may rarely learn product attributes.
The identical product may be evaluated differently depending on the brand identification or properties it carries. Brands are unique and personal to consumers that facilitate their day-to-day activities and enrich their lives. As human beings are becoming more complicated, rushed, and time starved, the ability of a brand to simplify decision making and reduce risk is a gem to any seller, and this is the reason most successful businesses pay attention to managing themselves as a 'Brand'.
There is no doubt that brand is one of the most important aspects of any venture, it is valuable than any most selling product too, because products become most selling only if the seller and the offered product is branded right.
Anyone who is coming up with any venture must consider making a blue-print of how he/ she is going to manage the branding part, and most thoroughly research the blue-print and the financial aspects of it, because if you brand your venture right you are most likely to be trusted by the buyers than most sellers.
I hope this blog-post has been precise yet informative, if you like the article do let me know in the comment section. Also I am looking forward to buy a new phone, please suggest me your favorite mobile phone brands in the comments.
DO SHARE THE ARTICLE.
THANK YOU !
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